README file for replication files for Avery & Brevoort's The Subprime Crisis:  Is Government Housing Policy to Blame

Included Files:

  This archive contains the following files (in addition to this README.txt):
     REStatSubmission_FRB.RData - This is an R file that contains the data used in the estimations and figures
     Avery_Brevoort_Final_Estimations.R - This is an R script that reads in the data from REStatSubmission_FRB.txt and conducts the estimations reported in the paper (Tables 1 to 5)
     Avery_Brevoort_Final_Estimations.log - This is a log file for Avery_Brevoort_Final_Estimations.R
     Avery_Brevoort_Final_Graph.R - This is an R script that reads in the data from REStatSubmission_FRB.txt and generates the graphs presented in Figure 1
     Avery_Brevoort_Final_Graph.log - This is a log file for Avery_Brevoort_Final_Graph.log
     
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The dataset (REStatSubmission_FRB.txt) includes 111 variables.  Each observation corresponds to a single Census Tract.  The variables include:

     delrate - The share of mortgage borrowers who were 90 or more days past due or worse at the end of 2008 (Source:  Equifax)
     SCORE2000 - The average credit score of mortgage borrowers at the end of 2000 (Source:  FRBNY Consumer Credit Panel/Equifax)
     SCORE2004 - The average credit score of mortgage borrowers at the end of 2004 (Source:  FRBNY Consumer Credit Panel/Equifax)
     CUML - Median house value inferred from loan amounts reported in HMDA (Source:  HMDA)
     MSA - 5-digit code indicating the Metropolitan Statistical Area in which the Census Tract is located
     UNEMRT - Unemployment Rate (Source:  2000 Census)
     OVER65 - Share of population aged 65 or older (Source:  2000 Census)
     MEDAGE - Median Age in Census Tract (Source:  2000 Census)
     CENTER - Indicator variable for whether Tract is in a center city
     L11 - Indicator for whether tract was classified as low-to-moderate income from 2001-2008 (Source:  HMDA)
     COUNT - Number of borrowers with outstanding mortgages used to calculate delrate (Source:  Equifax)
     MINOF3 - Indicator for whether there were at least 3 home purchase and 3 refinance loans originated in each year (Source:  HMDA)
     app2006 - Change in tract median house price (CUML) from 2001-2006 (Source:  HMDA)
     ch20068 - Change in tract median house price (CUML) from 2006-2008 (Source:  HMDA)
     relinc - Median income of tract relative to MSA median (Source:  2000 Census) 
     relinc90 - Median income of tract relative to MSA median (Source:  1990 Census)
     minpct - Share of population in tract that was minority (Source:  2000 Census)
     ownpct - Share of housing units in tract that were owner occupied (Source:  2000 Census)
     vacpct - Share of housing units in tract that were vacant (Source:  2000 Census)
     hidti_20046 - Share of first-lien loans in 2004-2006 that had payment-to-income ratios above 30 percent (Source:  HMDA)
     hirate_20046 - Share of first-lien loans in 2004-2006 that were reported as higher priced in HMDA (Source:  HMDA)
     pig_20046 - Share of first-lien loans in 2004-2006 that were originated at the same time as a junior lien ("piggyback") loan (Source:  HMDA)
     solf_2001 - Share of first-lien loans originated in 2001 that were sold to the GSEs (Source:  HMDA)         
     solf_20046 - Share of first-lien loans originated in 2004-2006 that were sold to the GSEs (Source:  HMDA)
     lowinc_20046 - Share of first-lien loans in 2004-2006 that were originated to lower income borrowers (Source:  HMDA)      
     midinc_20046 - Share of first-lien loans in 2004-2006 that were originated to middle income borrowers (Source:  HMDA)      
     zerinc_20046 - Share of first-lien loans in 2004-2006 that were originated without income information (Source:  HMDA)      
     loans_2001 - Number of first-lien loans originated in 2001 (Source:  HMDA)       
     loans_20046 - Number of first-lien loans originated in 2004-2006 (Source:  HMDA)       
     cra_75 - Indicator for whether tract relative income was less than 76 percent            
     cra_76 - Indicator for whether tract relative income was less than 77 percent             
     cra_77 - Indicator for whether tract relative income was less than 78 percent            
     cra_78 - Indicator for whether tract relative income was less than 79 percent             
     cra_79 - Indicator for whether tract relative income was less than 80 percent             
     cra_80 - Indicator for whether tract relative income was less than 81 percent             
     cra_81 - Indicator for whether tract relative income was less than 82 percent            
     cra_82 - Indicator for whether tract relative income was less than 83 percent             
     cra_83 - Indicator for whether tract relative income was less than 84 percent             
     cra_84 - Indicator for whether tract relative income was less than 85 percent             
     gsei_85 - Indicator for whether tract relative income was less than 86 percent          
     gsei_86 - Indicator for whether tract relative income was less than 87 percent            
     gsei_87 - Indicator for whether tract relative income was less than 88 percent            
     gsei_88 - Indicator for whether tract relative income was less than 89 percent            
     gsei_89 - Indicator for whether tract relative income was less than 90 percent           
     gsei_90 - Indicator for whether tract relative income was less than 91 percent            
     gsei_91 - Indicator for whether tract relative income was less than 92 percent            
     gsei_92 - Indicator for whether tract relative income was less than 93 percent            
     gsei_93 - Indicator for whether tract relative income was less than 94 percent           
     gsei_94 - Indicator for whether tract relative income was less than 95 percent            
     gsei_115 - Indicator for whether tract relative income was less than 116 percent           
     gsei_116 - Indicator for whether tract relative income was less than 117 percent           
     gsei_117 - Indicator for whether tract relative income was less than 118 percent          
     gsei_118 - Indicator for whether tract relative income was less than 119 percent           
     gsei_119 - Indicator for whether tract relative income was less than 120 percent           
     gsei_120 - Indicator for whether tract relative income was less than 121 percent           
     gsei_121 - Indicator for whether tract relative income was less than 122 percent          
     gsei_122 - Indicator for whether tract relative income was less than 123 percent           
     gsei_123 - Indicator for whether tract relative income was less than 124 percent           
     gsei_124 - Indicator for whether tract relative income was less than 125 percent           
     gsem_25 - Indicator for whether tract minority share was greater than or equal to 25 percent          
     gsem_26 - Indicator for whether tract minority share was greater than or equal to 26 percent            
     gsem_27 - Indicator for whether tract minority share was greater than or equal to 27 percent            
     gsem_28 - Indicator for whether tract minority share was greater than or equal to 28 percent            
     gsem_29 - Indicator for whether tract minority share was greater than or equal to 29 percent           
     gsem_30 - Indicator for whether tract minority share was greater than or equal to 30 percent            
     gsem_31 - Indicator for whether tract minority share was greater than or equal to 31 percent            
     gsem_32 - Indicator for whether tract minority share was greater than or equal to 32 percent            
     gsem_33 - Indicator for whether tract minority share was greater than or equal to 33 percent           
     gsem_34 - Indicator for whether tract minority share was greater than or equal to 34 percent            
     shr.dep.out_2001 - Share of loans originated in 2001 by depository institutions whose CRA assessment area does not include this tract (Source:  HMDA)  
     shr.dep.in_2001 - Share of loans originated in 2001 by depository insitutions whose CRA assessment area includes this tract (Source:  HMDA)
     shr.aff.out_2001 - Share of loans originated in 2001 by affiliates or subsidiaries of depository institutions whose CRA assessment area does not include this tract (Source:  HMDA)
     shr.aff.in_2001 - Share of loans originated in 2001 by affiliates or subsidiaries of depository institutions whose CRA assessment area includes this tract (Source:  HMDA)
     shr.cu_2001 - Share of loans originated in 2001 by credit unions (Source:  HMDA) 
     shr.ind_2001 - Share of loans originated in 2001 by indepedent mortgage companies (Source:  HMDA)      
     shr.dep.out_20046 - Share of loans originated in 2004-2006 by depository institutions whose CRA assessment area does not include this tract (Source:  HMDA)
     shr.dep.in_20046 - Share of loans originated in 2004-2006 by depository institutions whose CRA assessment area includes this tract (Scource:  HMDA)
     shr.aff.out_20046 - Share of loans originated in 2004-2006 by affiliates or subsidiaries of depository institutions whose CRA assessment area does not include this tract (Source:  HMDA)
     shr.aff.in_20046 - Share of loans originated in 2004-2006 by affiliates or subsidiaries of depository institutions whose CRA assessment area includes this tract (Source:  HMDA)
     shr.cu_20046 - Share of loans originated in 2004-2006 by credit unions (Source:  HMDA)     
     shr.ind_20046 - Share of loans originated in 2004-2006 by independent mortgage companies (Source:  HMDA)     
     pur.dep.out_2001 - Loan purchases by depository institutions in 2001 whose CRA assessment area did not include this tract as share of loans_2001 (Source:  HMDA)
     pur.dep.in_2001 - Loan purchases by depository institutions in 2001 whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA) 
     pur.aff.out_2001 - Loan purchases by affiliates and subsidiaries of depository institutions in 2001 whose CRA assessment area did not include this tract as share of loans_2001 (Source:  HMDA)
     pur.aff.in_2001 - Loan purchases by affiliates and subsidiaries of depository institutions in 2001 whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA)
     pur.cu_2001 - Loan purchases by credit unions in 2001 as share of loans_2001 (Source:  HMDA) 
     pur.ind_2001 - Loan purchases by independent mortgage companies in 2001 as share of loans_2001 (Source:  HMDA)      
     pur.dep.out_20046 - Loan purchases by depository institutions in 2004-2006 whose CRA assessment area did not include this tract as share of loans_20046 (Source:  HMDA)
     pur.dep.in_20046 - Loan purchases by depository institutions in 2004-2006 whose CRA assessment area included this tract as share of loans_20046 (Source:  HMDA)  
     pur.aff.out_20046 - Loan purchases by affiliates or subsidiaries of depository institutions in 2004-2006 whose CRA assessment area did not include this tract as share of loans_20046 (Source:  HMDA)
     pur.aff.in_20046 - Loan purchases by affiliates or subsidiaries of depository institutions in 2004-2006 whose CRA assessment area includes this tract as share of loans_20046 (Source:  HMDA) 
     pur.cu_20046 - Loan purchases by credit unions in 2004-2006 as share of loans_20046 (Source:  HMDA)    
     pur.ind_20046 - Loan purchases by independent mortgage companies in 2004-2006 as share of loans_20046 (Source:  HMDA)     
     gse_2001 - Share of loans originated in 2001 that were sold to the GSEs (Source:  HMDA)          
     gse_20046 - Share of loans originated in 2004-2006 that were sold to the GSEs (Source:  HMDA)
     shr.dep.in.s_2001 - Share of loans originated in 2001 by depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract (Source:  HMDA)  
     shr.dep.in.o_2001 - Share of loans originated in 2001 by depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract (Source:  HMDA)    
     pur.dep.in.s_2001 - Loan purchases in 2001 by depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA)
     pur.dep.in.o_2001 - Loan purchases in 2001 by depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA)
     shr.aff.in.s_2001 - Share of loans originated in 2001 by affiliates or subsidiaries of depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract (Source:  HMDA)   
     shr.aff.in.o_2001 - Share of loans originated in 2001 by affiliates or subsidiaries of depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract (Source:  HMDA)     
     pur.aff.in.s_2001 - Loan purchases in 2001 by affiliates or subsidiaries of depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA)  
     pur.aff.in.o_2001 - Loan purchases in 2001 by affiliates or subsidiaries of depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract as share of loans_2001 (Source:  HMDA)    
     shr.dep.in.s_20046 - Share of loans originated in 2004-2006 by depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract (Source:  HMDA)  
     shr.dep.in.o_20046 - Share of loans originated in 2004-2006 by depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract (Source:  HMDA)   
     pur.dep.in.s_20046 - Loan purchases in 2004-2006 by depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract as share of loans_20046 (Source:  HMDA) 
     pur.dep.in.o_20046 - Loan purchases in 2004-2006 by depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract as share of loans_20046 (Source:  HMDA)  
     shr.aff.in.s_20046 - Share of loans originated in 2004-2006 by affiliates or subsidiaries of depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract (Source:  HMDA)   
     shr.aff.in.o_20046 - Share of loans originated in 2004-2006 by affiliates or subsidiaries of depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract (Source:  HMDA)    
     pur.aff.in.s_20046 - Loan purchases in 2004-2006 by affiliates or subsidiaries of depository institutions with Satisfactory CRA ratings whose CRA assessment area included this tract as share of loans_20046 (Source:  HMDA)   
     pur.aff.in.o_20046 - Loan purchases in 2004-2006 by affiliates or subsidiaries of depository institutions with Outstanding CRA ratings whose CRA assessment area included this tract as share of loans_20046 (Source:  HMDA)   

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The R code included in this archive was run using R version 3.1.2 ("Pumpkin Helmet").  It was run using RStudio version 0.98.953 on a MacBook Pro (2.3 GHz Intel Core i7) running OSX version 10.9.5

The R code depends upon the CAR library ("Companion to Applied Regression") for linearHypothesis().  This package can be downloaded from http://cran.r-project.org/web/packages/car